To save content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about saving content to .
To save content items to your Kindle, first ensure no-reply@cambridge.org
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Chapter 5 proposes that friendship is one of the founding principles of, and one of the main reasons for writing, familial letters. It focuses on the exchange of letters between Keats and his friend the artist Benjamin Robert Haydon, suggesting that the exchange itself sustained but also threatened the friendship because of its engagement with a paradoxical logic of reciprocity that governs both friendship and letter-writing. The chapter pays particular attention to the inherent contingency of epistolary friendship – friendship that is supplemented or sustained by epistolary contact – in the case of Keats’s mutually flattering but sometimes difficult relationship with a man who shared the poet’s sense of artistic ambition while lacking his talent and genius. As a form of gift exchange, the interchange of letters between two friends may be said to be governed by the economics of an implicit but difficult and ultimately paradoxical reciprocity.
Implicitly addressing the French Revolution, most of these Tales advocated avoiding revolution in Britain by changing the culture and composition of the ruling class. Critiquing the mores and rule of the aristocracy, Eliza Parsons, Maria Hunter, Mary Ann Hanway, Mary Charlton and anonymous others advocated admitting capable, genteel, nouveau riche merchants and professionals, or sometimes humane and competent country gentlemen, into the ruling elite. They also intimated that elite culture should consist of the proto-Victorian values championed by their exemplary merchants, professionals and/or country gentlemen and independent working women and by the marriage of “manners and morals” they modeled. Placing their exemplary protagonists in the wealthy mercantile, professional and gentry classes and showing these groups socializing and intermarrying accords with recent scholarly accounts of the conduct of these classes in the provinces, as they began to consolidate into a Victorian upper middle class.
Flows of Spanish American silver have long been bound up in narratives of early modernity, the growth of globalization, and the coming of capitalism. This article reconsiders these narratives through a trial held in seventeenth-century Ottoman Istanbul of imported lion dollar coins that were suspected of being false. The trial shows the different ways groups—both within and outside the state and transacting on different scales from local to interstate—sought to impose criteria of evaluation on coins as they crossed oceans and empires in an era of incomplete state power and growing interstate trade. The trial worked to align competing understandings of money and restored confidence through a performance of measurement. In reckoning with competing understandings of money before multiple monetary authorities, social relations, as much as the physical coins, were on trial. By moving past a traditional divide between thinking globally about money as a trade commodity and thinking comparatively about money as a creature of the state in distinct polities, the trial of the lion dollars shows how early modern money was made and remade through a process of global circulation and far-reaching interactions with competing authorities.
This article examines the introduction of Jamaica’s central bank digital currency (CBDC), Jamaica Digital Exchange (JAM-DEX), to show how monetary innovation is embedded in questions of sovereignty, class, race, and religion. Drawing on 23 months of ethnographic fieldwork in Kingston (2022–2024), it adopts a pragmatist anthropology of money and mobilizes three cultural lenses – institutional, infrastructural, and affective – to analyze how CBDCs are lived, interpreted, and contested in everyday life. The institutional lens reveals a struggle over monetary sovereignty that is continually undermined by the CBDC’s dependence on private, largely foreign-owned financial intermediaries for its circulation. The infrastructural lens shows how financial innovation can reproduce the racialized and classed hierarchies rooted in Jamaica’s colonial banking history. The affective lens shows how moral imaginaries, ranging from eschatological fears of the ‘Mark of the Beast’ to crypto-libertarian critiques of surveillance, shape public engagement with the CBDC. The article employs the metaphor of haunting to show how unresolved histories of racial capitalism re-emerge through JAM-DEX, producing a disjointed temporality in which digital futures arrive prematurely. The persistence of these financial ghosts reinforces the claim that CBDCs should be studied within their social, historical, and affective contexts.
Social democracy may sometimes present itself as technocratic, but within its wider world of meaning, there are beliefs that speak to more radical change, even upheaval. The world of social democratic ideology is one of possibility, rather than something narrowly circumscribed. Using Charles Taylor’s concept of ‘common meanings’, this chapter explores the multifaceted nature of social democracy, which is significant for understanding how adaptable it has been as an ideological tradition. In elaborating what social democrats – and people on the centre-left more broadly – can think, the chapter presents analyses of literature from the twentieth and twenty-first century, with novels and poetry as representations of our social world. Rather than making empirical claims about what social democratic ideology is right now in a particular country or political party, the chapter explores the possible beliefs – very recognisable ones – of social democrats, and how those beliefs shed some light on the everyday dilemmas that people on the left of politics encounter. Three broad, common meanings of clear relevance to the world of social democracy are identified: money, class, and indignation. All three are discussed in relation to dilemmas social democratic actors must consider in contemporary politics.
As the economy became more financialized, the politics of money considerably changed after the late 1970s. American and European central bankers first allied with conservative forces to fight inflation in the 1980s; then, that alliance unravelled after the 2008 financial crisis. Many observers gloss over this change because they see central bankers either as stewards of financialization, or as economists dedicated to economic stability. Nicolas Jabko shows how changing alliances between central bankers, economists, and politicians led to momentous shifts in monetary regimes. He argues that central bankers are technocrats who navigate and powerfully shape three overlapping arenas – their own internal monetary policy committees; the economics profession; and the broader public arena. Steeped in a machine-assisted analysis of central bank archives, Technocrats in Turmoil thus reveals the key role that the Fed and the ECB played in the waxing and waning of technocratic neoliberalism.
This chapter explores anti-utopian satire in bestselling British author Terry Pratchett’s Discworld series. Like the anti-chivalric satire of Cervantes, Shakespeare, and Voltaire, the Discworld books celebrate pragmatism and local knowledge rather than political ideals. The Discworld is alive with vivid utopian impulses, however, the chapter argues that they frequently lack concrete detail. Pratchett is more concerned with constructing a colourful world of humour, heroism, and villainy. The Ankh-Morpork books reflect on the processes of historical change, accelerating a medieval city-state into liberal industrial modernity via an array of fantastically estranged forms. The city itself, however, fails to actualise into a utopian vision of the future. Rather, Pratchett’s fantasy series articulates a deep suspicion of the kind of political radicalism often associated with utopian thinking. Through a close reading of two books in the series, Night Watch (2002) and Making Money (2007), the chapter considers how Pratchett’s fantasy world laments structural violence whilst lampooning utopian remedies to such violence, such as democratic elections, trade unions, industrial action, or new kinds of post-capitalist value.
How should we understand 1970s Kenya, with its combination of inequality and relative political stability? This article offers a new perspective on that by following the early history of the Harambee Co-operative Savings and Credit Society—the most prominent of many such societies that grew in those years. The rise and crisis of this co-operative provides evidence of mismanagement and the pursuit of personal advantage—but also suggests that civil servants saw the importance of enabling wider accumulation. As a result, the lowest-paid employees of government could see through Harambee—and other co-operatives—a possible, if precarious, route to a future as property-owners. That possibility helps explain both the institutional strength of Kenya’s provincial administration (whose employees were the members of Harambee Co-operative) and how a substantial number of Kenyans could develop a sense of themselves as citizens with a stake in the political system.
Chapter 2 turns towards the neighbourhood of Ituura. It introduces my field site in detail by exploring cases of local youth who are said to have been ‘wasted’ by alcoholism. In contrast to those who are said to have ‘given up’ on their futures, other young men are shown to embrace discourses of moral fortitude to sustain their hopes for the future while working for low, piecemeal wages in the informal economy. Such youth claim that one must be ‘bold to make it’. Engaging with anthropological discussion on waithood and hope, the chapter shows how young men cultivate moral fortitude through an ethics of endurance – a hope for hope itself, a way of sustaining belief in their own long-term futures that involves economising practices, prayer, and avoidance of one’s peers who are seen to be a source of temptation and pressure to consume.
Chapter 5 explores the construction of women, especially young women, as dubious and untrustworthy figures in male discourse, a source of cynicism and doubt about kinship’s future. It captures men’s fears about ‘greedy’ women and ‘gold diggers’ who only want to marry men in order to expropriate their wealth. At the same time, the chapter explores counter-discourses of young women getting by in a world of male failure, their relations with their male kin, and their ambitions to become successful ‘hustlers’ in their own right. Speaking to regional literature on love, marriage, and youth relationships, it explores the gendered tensions created by a world of masculine destitution, illuminating male fears about the capacity of women to exploit their ‘in-betweenness’ to acquire patrilineal land.
El surgimiento de la banca en Hispanoamérica durante la década de 1820 tuvo implicaciones en la estabilidad financiera de los nuevos estados independientes y en los modos con los que los actores económicos locales desarrollaban sus negocios. La aparición de novedosos instrumentos de pago, como billetes y cheques bancarios, habilitó transacciones con base en una infraestructura hasta entonces desconocida localmente. Los cheques permitieron el empleo de depósitos y sobregiros como medios para la concreción de pagos, expresando la emergencia del dinero bancario propiamente dicho. Aplicando el Análisis de Redes Sociales sobre la información del archivo bancario, el presente artículo propone explicar los mecanismos que permitieron la difusión de aquel instrumento, propiciando su admisibilidad en la economía de un Estado naciente.
By the early 1990s, the private European Currency Unit (ECU) became the third largest currency in the bond market, after the dollar and the yen. This article explores the rise of the ECU private market in the 1980s. It argues that the ECU’s political links with the European Economic Community (EEC) were central to its successful development, but also that business actors, by devising a marketable ECU, played a role in advancing the project of Economic and Monetary Union (EMU), whether voluntarily or not. The article draws on archival evidence from the records of banks and companies, business associations, as well as European institutions, national governments, and central banks. It sheds new light on the role of business influence in public affairs in the late twentieth century, the history of monetary integration and the making of the EMU, and the history of money and private currencies. It thereby shows how the ECU served as a rehearsal for the EMU.
Adam Smith’s Wealth of Nations is standardly assumed, by apologists and critics alike, to have offered a theory of what money is: a “means of exchange” whose raison d’etre is to ease the inconveniences of barter. The present discussion rejects this consensus. Read charitably, neither Smith’s origin story in Book I nor his account of “the great wheel of circulation” in Book II traffics in a theory of what money is. Rather, the Wealth of Nations offers no theory of the nature of money at all. What Smith presents, instead, is a functionalist story of a piece with David Hume’s empiricism, which does not make any claims about natures or essences. Smith’s reply to the mercantilist theory of money—that money is specie—is not a rival theory of money’s true nature, but rather a broad depiction of the various ways money brings “conveniency.”
This essay investigates the meaning of “nominal prices” in Adam Smith’s the Wealth of Nations, its contraposition to “real prices,” and the impact of Smith’s nominal prices upon his assessment of the prices of wheat over the centuries. I also consider measure and value in the Wealth of Nations as well as Smith’s threefold standard of measure: labor, wheat, money. Smith chose an unusual measure to investigate prices over time, with nominal prices being referred to a specific quantity of silver. This raises questions about the possible impact of centuries-old debates over debasement and the value of money on Smith’s measurement of value across times.
Chapter 6 looks at how money acts both as an element in the moral concretion of the revolution’s moral project – one that here takes the form also of a ‘moral economy’ – but also a prime catalyst for its deterioration in the face of the pervasive condition of moral-cum-material decline Cubans call necesidad, intimating a sense of destitution that is felt to exert itself as an uncontrollable force. The relation between the revolution and what lies beyond it, then, is seen here through the prism of the duality of money as both a qualitative token of value and quantitative scale for commensuration. The former is central to the way pesos (Cuba’s national currency, issued by the revolutionary state) operate as moral concretions of the revolution, marking out the scope of its moral economy. The latter, however, comes into its own with the use of US dollars and locally issued currencies pegged to it, which have become increasingly pervasive in everyday consumption since the 1990s. In its capacity to commensurate all values quantitatively, the dollar rubs out the distinction between the state’s moral economy and the variously licit and informal realms of transaction that have grown alongside it in Cuba. Crucially, in this way, it tends to trump the revolution’s effort to position itself as transcendental condition of possibility for life, encompassing it with its own transcendental scope.
This chapter addresses the issue of the “starving artist.” Often, creative lives are not the most remunerative and this chapter outlines how people pay their expenses while devoting themselves to their art. Some have the advantage of a spouse who is the main breadwinner, others hold a “day job” in addition to their creative work, and others have less traditional sources of income. One artist also discusses how it works when both spouses are creative workers.
This chapter outlines the history of previous institutions that created forms of capital in Europe, including land, dowries, banks, bills of exchange, and government debt. It examines the reasons why the system of informal oral credit, as it had developed over the previous 100-odd years, began to be criticised during the Commonwealth period. Many authors started to claim that it was both inefficient and an obstacle to economic growth. Many pamphlets were published containing proposals of different sorts of banks, which would issue paper currency to speed up circulation. Some of these were based on previous European examples. The nature of these proposals is examined, together with a summary of how they related to the creation of the Bank of England. Its establishment is normally seen as the successful outcome of this debate, but in fact it was not primarily created as an institution to expand the supply of credit, but to help fund the government debt. The increasing cost of the War of Spanish Succession did, however, result in the issue of things like Exchequer or Treasury bills, as well as South Sea and Bank stock to fund the war. The last part of the chapter focuses on the significant effect these multiple forms of paper currency had on liquidity within London.
Upon the occasion of the 250th birthday of Jane Austen, let us learn how to ace a bar exam from Professor Jane Austen. Yes, that’s right, because Austen readers unwittingly learn law and legal principles surrounding several areas of law, but particularly in family law and wills and estates. Basic rules from these areas of law seem to appear in every one of Austen’s novels, offered with a savory richness of understanding of not only their importance but also their complexity.
This brief essay reviews basic legal rules and legal analysis by efficiently using fact patterns from four of our professor’s novels: Mansfield Park, Sense and Sensibility, Pride and Prejudice, and Emma. By applying the standard IRAC (Issue, Rule, Analysis, and Conclusion) method of legal reasoning to each, this essay undeniably endeavors to teach admirable bar preparation. General rules of American law are applied throughout, although legal rules and principles of Regency England that have a precise bearing on the fact pattern are explained as well. Can there be any more amusing way to prepare for the bar exam? One hardly knows.
In this radical reinterpretation of the Financial Revolution, Craig Muldrew redefines our understanding of capitalism as a socially constructed set of institutions and beliefs. Financial institutions, including the Bank of England and the stock market, were just one piece of the puzzle. Alongside institutional developments, changes in local credit networks involving better accounting, paper notes and increased mortgaging were even more important. Muldrew argues that, before a society can become capitalist, most of its members have to have some engagement with 'capital' as a thing – a form of stored intangible financial value. He shows how previous oral interpersonal credit was transformed into capital through the use of accounting and circulating paper currency, socially supported by changing ideas about the self which stressed individual savings and responsibility. It was only through changes throughout society that the framework for a concept like capitalism could exist and make sense.
This chapter traces the development of money, credit and banking systems in Europe, from their origins to their modern forms. It examines how the reintroduction of monetary systems following the collapse of the Roman Empire contributed to economic growth. The chapter also discusses the evolution of credit markets, the rise of banks and the development of paper money, with an emphasis on the role these institutions played in supporting economic development. It explores the relationship between financial innovation and economic crises, illustrating how the financial system has both facilitated growth and contributed to periods of instability. The chapter concludes by assessing the impact of financial systems on long-term economic development in Europe.